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HMRC internal manual

Employment Related Securities Manual

HM Revenue & Customs
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Ascertaining Foreign Securities Income (FSI) - up to 5 April 2015: non-resident year

ITEPA03/S41C(7) provides that, where an individual is not resident in the UK in a tax year which falls within a relevant period, any other part of which falls within a tax year for which remittance basis applies to the individual, then for the purposes of determining FSI using the rules in section 41C he or she is treated as if ITA07/S809B applied for the year of non-residence, i.e. as if the remittance basis had been claimed for that year. The effect of this is that where the remittance basis applies for part of the relevant period, a year of non-residence within the same period will also count towards the determination of the amount of foreign securities income.

It should be noted that “not resident in the United Kingdom” has the meaning attached to it for UK tax purposes; a person who is resident in the UK and at the same time treaty non-resident would not fall within section 41C(7).